This week on Hafta, Abhinandan Sekhri, Rinchen Norbu and Raman Kirpal are joined by business journalist Govindraj Ethiraj and Anushka Saxena, a researcher from the Takshashila Institution.

The panel opens up the discussion on PM Modi’s austerity appeal and India's growing economic anxieties.

Govindraj Ethiraj explains the broader economic picture in simple terms, outlining how India’s reliance on imported oil, gold, and other commodities is straining its foreign exchange reserves.

“There are exactly four or five things that matter. One is oil, where we import about $130 billion of oil. Next is gold… we’ve imported $72 billion of gold.  Imports have gone up because people have been buying, and the price of gold has gone up,” he says, breaking down the pressures building on the Indian economy.

Ethiraj also points out that while citizens are being asked to cut spending and consumption, the government’s messaging appears delayed and inconsistent. “I think appeal should be preceded by example setting. In this case, it seemed to be the other way around,” he remarks during the discussion on Prime Minister Narendra Modi’s appeal for austerity.

Host Abhinandan Sekhri questions whether India’s worsening cost-of-living crisis was even becoming an electoral issue. Comparing India with democracies like the UK, he notes that inflation and economic distress dominate political debates elsewhere but often get overshadowed in India by identity politics and hyper-local issues.

The episode then explores the global implications of Donald Trump’s visit to China. Anushka Saxena lays out the key tensions: Trump wanted business wins and optics, while Xi Jinping wanted clarity on Taiwan and a stronger Chinese position. 

She notes that the US-China relationship is no longer returning to its old balance, saying the two sides are now only trying to make competition “stabilised and managed.” Her sharpest warning to India is that if Trump continues to bilateralise the China relationship, countries like India may be sidelined.

All this and more.

Hafta letters: Bengal election coverage, app complaints, and live stream moderation